At the end of last year, Jack Dorsey’s payments company Square and online-dating conglomerate Match Group both went public, making it seem as though the chilly market for tech I.P.O.s was thawing. But now, 2016 is almost halfway done, and tech I.P.O.s have been all but entirely absent this year. Silicon Valley start-ups have opted to raise round after round in the private markets instead of going public, bringing the total number of private tech companies valued at $1 billion or more to 147.

In the United States, there’s been only one tech I.P.O. so far this year: Dell’s cyber-security business SecureWorks, which made its public debut in April. Even then, SecureWorks wasn’t a traditional venture-backed start-up; Dell bought the 17-year-old company in 2011. Soon, though, 2016’s tiny tech I.P.O. club will get a new, foreign member that could blow SecureWorks’s lackluster $120 million haul out of the water.

Japanese messaging company Line is planning its public debut in both Tokyo and New York, and according to Bloomberg, it could be the biggest tech I.P.O. of the year globally. This isn’t the first time Line has filed for an I.P.O.—two years ago, the company filed to list itself in Tokyo, with an offering that would value Line at $1 trillion yen, or $9.2 billion, but the deal fell apart and Line ended up replacing its C.E.O. Unlike many tech companies, Line says it’s already profitable, which should help its cause as it begins shopping its I.P.O. during a road show later this month. The company’s I.P.O. underwriters include Nomura Holdings, JPMorgan, Morgan Stanley, and Goldman Sachs, Bloomberg reports.

To date, the biggest public tech debut of 2016 was Australian logistics software company WiseTech, which raised $130 million in April. But Line’s I.P.O. could change that. Line is planning its dual listing in Tokyo and New York for July, and is planning to raise “between $1 billion and $2 billion at a valuation of $5 billion to $6 billion” from investors abroad and in the U.S., according to Bloomberg.